2950 Tobacco Rd Chesapeake Beach, MD 20732
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About this home
**PRICED TO SELL!!! ** This is a great deal for this beautiful contemporary home that features 3 bedrooms and 3 full baths, situated on a stunning private 5-acre wooded lot. A LOT of bang for your buck! This home was previously renovated on The Ellen Show and has gained notable recognition within the Chesapeake Beach community and Northern Calvert County. Key features include a new BAT septic system, a roof was replaced in 2022, beautifully refinished hardwood flooring throughout, and a new HVAC system, with the warranty transferring to the new owner at closing. All the big-ticket items are done! On the main level, the eat-in kitchen boasts vaulted ceilings, updated Viking appliances, and elegant marble countertops. Gorgeous skylights provide ample natural light. The living room includes a propane fireplace with a built-in mantle and shelving. Sliding barn doors lead to the main level primary bedroom and the primary bath suite. The spacious Trex deck at the rear of the home offers plenty of space for cookouts or quiet evenings overlooking the gorgeous wooded lot, which features landscaping, rock, and pavers underneath. The upper level comprises two additional bedrooms and a second full bath. The basement is awaiting your personal touches (it is not upgraded) and features a third full bath, a utility sink, a recreation room, and an extra room that can serve as a fourth bedroom. It also includes a rough-in for a wood-burning stove. This home and property is ideal for nature enthusiasts, hunters, or anyone seeking a peaceful retreat. There's even a treehouse (AS_IS - unknown condition) for the kids! Additional amenities include covered parking, two storage sheds, and a paved driveway. Home is conveniently located near local amenities, including the farmer's market, boardwalk, and excellent local restaurants, it also offers easy access to Joint Base Andrews, Patuxent River, and Washington, D.C.
Source: BRIGHT #MDCA2022784
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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